North South Petroleum Corp. has entered into a binding letter of intent dated May 12, 2016 with Lithium X Energy Corp. whereby the Company will acquire an option to earn a 50% interest in Lithium X's wholly-owned CVL South Lithium Property located in Nevada's Clayton Valley.

On closing Dev Randhawa will be appointed to the Board and will serve as Interim Chief Executive Officer. Dev Randhawa will join existing directors David Sidoo, Marc Cernovitch and Hon. Herb Dhaliwal on the Board.

Existing director Craig Taylor intends to resign from the Board.